A survey commissioned by HomeEquity Bank shows 95 per cent of Canadian homeowners aged 75 and older are very satisfied or somewhat satisfied with their lives, compared to just 79 per cent of Canadians in their 50s.
Study’s happiness markers: Financial stability, quality connections & sense of purpose
“Our latest study unpacks different happiness markers for Canadians and how they shift as they age. We found a sharp distinction between those approaching retirement and those well into it,” says Katherine Dudtschak, president and CEO of HomeEquity Bank.
The happiness markers used in the study include financial stability, quality connections and sense of purpose.
“To be fulfilled, you need to look at all facets of your life,” says Vivianne Gauci, HomeEquity Bank’s senior vice president of customer experience. “Financial stability is a fundamental part of living a healthy and fulfilling life, but it’s not the only factor. Connections and purpose have critical roles to play, which is why enjoying a happy retirement requires a holistic approach.”
Here are the study results.
Financial stability
48 per cent of Canadians in their 50s feel very good or excellent about their finances, while 68 per cent of those aged 75 and older feel the same.
Likewise, more Canadians in the older age bracket (75 per cent) vs the younger age bracket (55 per cent) felt they could handle a major unexpected expense.
Quality connections
The study found that feeling connected and experiencing good friendships improves as people age from their 50s to 75+ (70 per cent versus 85 per cent).
As well, another indicator of connection, living in homes in good order and enjoyed by family members, improves with age (81 per cent versus 89 per cent).
Sense of purpose
Being active in their communities is more common for those aged 75 and up (48 per cent) than those in their 50s (30 per cent). Likewise, giving back to the community and supporting charitable causes increases with age (34 per cent versus 51 per cent).
Biggest stressors
For homeowners in their 50s, the biggest stressors include outliving retirement savings, not having enough to support themselves and the ability to leave behind a legacy they can be proud of.
This is exacerbated by a changing retirement landscape, which includes Canadians aging with more debt, limited cash savings and shrinking pensions, while living longer with increasing and different health care needs.
Review the full report here.
